Inside views on the jobs market
Wall Street's woes have prompted some to seek solace in an old stand by -- religion.
To read my colleague Christine Kearney's report on this trend, click here.
Reverend Mark Bozzuti-Jones of Trinity Church Wall Street summed it up this way: "The economic financial crisis is a reminder that we cannot put our faith in riches, that we cannot put our faith in money."
(Photo Credit: REUTERS/Keith Bedford, March 21, 2008, UNITED STATES)
Wall Street Journal: China Investment Corp. Wants You
Job-seeking Wall Street types don’t have a lot of options. Cutbacks have eliminated tens of thousands of jobs. The number of investment banks narrows seemingly by the day. How about going to work for China? China Investment Corp., Beijing’s $200 billion sovereign wealth fund, is launching a new round of recruiting, aiming to fill more than 30 spots from macroeconomic research to stock picking.
The Guardian: Bidders raise hope for UK Lehman jobs
Administrators of Lehman Brothers were racing last night to save up to 3,000 City jobs by selling the UK operations to potential bidders believed to include Barclays and Japan’s Nomura.
The following are job changes within the financial industry for September 22, linked where possible to profiles on LinkedIn.
The Japanese investment bank said James Lamb, Steven Ware, Kai Herbert, Sami Amara and Lofti Bensassi have joined its global foreign exchange sales and trading team in London. Herbert was previously from Bank of America, while the other four had worked at Bear Stearns.
It might seem a safe bet that the number of people out of work in the U.S. will head higher in September following the job losses on Wall Street. But even if that’s the case, it won’t feed through to the unemployment rate immediately. That’s because to count as unemployed, respondents to a government survey of households who are out of work must say they have actively looked for work in the last four weeks. Alister Bull discussed the vagaries of the unemployment rate in this analysis.
There might be fewer economists on Wall Street to forecast the September number, but you can place a bet on whether the rate will rise from August’s five-year high of 6.1 percent via our news prediction game on Hubdub.com. Click on the live graph below to jump to the Reuters/Hubdub marketplace.
MUMBAI/SHANGHAI: Within hours of Bank of America agreeing to buy Merrill Lynch this week, Indian financial services firm Ambit hired five Merrill executives, a sign that Asia hopes to gain from massive Wall Street layoffs.
For China and India, whose economies are still expanding at well over 7 percent, the global financial industry crisis makes it easier to recruit bankers who are brushing off their resumes.
CHICAGO (Reuters) – Employees of Lehman Brothers and insurance giant AIG looking to cry in their beer following a week of turmoil at the troubled companies can at least find a half-priced drink at one Chicago restaurant.
“Everybody is freaking out. We wanted to do something to make their day a little better,” said Scott Weiner, co-owner of The Fifty/50 restaurant that is offering half-off bar and restaurant tabs for anyone who can prove they work or worked for AIG or Lehman Brothers.
WASHINGTON, Sept 19 (Reuters) – Unemployment rates rose in most U.S. states in August, with Michigan again logging the highest rate of 8.9 percent on a seasonally adjusted basis, the Labor Department reported on Friday.
Altogether, 44 states and the District of Columbia have recorded increases in jobless rates since July, with 24 states registering what the department deems “statistically significant” increases.
Jack and Suzie Welch have some advice for Lehman and Merrill Lynch staffers, in their column for BusinessWeek:
Look, we’re not about to blithely tell Merrill’s roughly 60,000 employees and Lehman’s 22,000 to put on a happy face and get on with life. A massive earthquake just struck Wall Street; people will be reeling for a while.
Wall Street clearly needs all the love it can get this week, which should make CNN feel a little less bad about getting pranked by radio host Howard Stern.
The New York Observer reports that it was longtime Stern Show regulars Richard Christy and Sal “The Stockbroker” Governale who made out with each other behind CNN’s Allan Chernoff, who obliviously conducted his live standup in front of the Lehman Brothers building.
NEW YORK, Sept 18 (Reuters) – New Yorkers who frequent Gotham’s most lavish parties fear the good times are over. The economic downturn of the past year left many of the city’s richest unscathed. But the swift demise of some of Wall Street’s most historic firms has erased immense wealth and challenged a sense of security for even the moneyed classes.
“It’s the end of an era,” said party-goer Melissa Berkelhammer at an event at New York’s Plaza Hotel this week. “Everything was going so sky high that everyone had to keep redefining what luxury was.”